1. Adobe reported another strong quarter with double-digit growth and raised guidance, demonstrating resilience in its core business; 2. AI-driven competitors are expanding the market rather than threatening Adobe, similar to Google Search's experience, with AI acting as a growth catalyst; 3. Despite risks like AI competition and macroeconomic uncertainty, Adobe's historically low valuation and solid fundamentals present significant upside potential.

1. Alphabet secured a favorable antitrust ruling, preserving Chrome and Android's dominance and future growth; 2. Despite new data-sharing requirements, the primary competitive threat stems from AI-focused players, but Alphabet is well-positioned to adapt; 3. Strong financial performance with double-digit revenue growth and an undervalued forward EV/EBITDA of 14.2x supports a Strong Buy rating.

1. Nebius (NBIS) failed to break the $51 resistance despite a strong recovery, with extreme valuation concerns; 2. Aggressive revenue growth and $1B convertible notes may not suffice to meet 2025 CapEx needs; 3. AI-native customer diversification faces risks from intensifying AI competition and potential growth slowdown post-2026.

1. Baidu's AI advancements face competition from DeepSeek and Alibaba; 2. Baidu's core advertising business is hindered by user experience and bid-ranking systems; 3. Baidu appears overvalued at 1.5x forward EV/Revenue compared to peers; 4. Investors should avoid Baidu due to uncertain AI leadership and focus on higher-quality Chinese stocks.

1. Microsoft's initial lead in the AI race is being challenged by open-source models and shifting customer preferences; 2. Open-source models like Meta's Llama are gaining popularity and threatening Microsoft Azure's growth; 3. The rise of on-premises AI deployment, facilitated by companies like Nvidia, is undermining the need for cloud migration and further impacting Microsoft's AI edge.

1. Apple's AI system, 'Apple Intelligence', faces delays in release; 2. Competitors like Samsung and Microsoft are moving quickly with their AI offerings; 3. Apple's strategy and challenges in the AI race.